Maryland raises hedge fund cap

Maryland State Retirement & Pension System, Baltimore, approved boosting its hedge fund cap to 20% from 15%, according to spokesman Michael Golden.

The change, approved Thursday by the board of trustees of the $44.2 billion pension fund, was recommended by the board's investment committee and investment consultant, Hewitt EnnisKnupp. The recommendation is aimed at giving investment staff more flexibility.

The 15% cap had been in effect since 2011. The current allocation now is about 12%, according to HEK documents.